Question & AnswerQ&A (PRESIDENTIAL DECREE NO. 902-A)
The Securities and Exchange Commission is placed under the direct general supervision of the President according to Presidential Decree No. 902-A.
The Commission is a collegial body composed of a Chairman and two Associate Commissioners appointed by the President, each serving a seven-year term with staggered initial terms of seven, five, and three years respectively.
The Chairman receives an annual salary of Fifty Thousand Pesos and a monthly allowance of Two Thousand Pesos; each Member receives an annual salary of Forty-Two Thousand Five Hundred Pesos and a monthly commutable allowance of One Thousand Five Hundred Pesos.
The Commission has absolute jurisdiction, supervision and control over all corporations, partnerships, or associations that are grantees of primary franchises or licenses to operate in the Philippines.
Cases involving fraud and misrepresentation by corporate directors, officers, or business associates; controversies arising out of intra-corporate relations; and disputes in elections or appointments of corporate officers fall under the Commission's exclusive jurisdiction.
The Commission can issue injunctions, punish for contempt, compel corporate meetings, validate proxies, subpoena witnesses, order searches and seizures, impose fines, authorize stock exchange operations, suspend or revoke registrations, and exercise other powers necessary for its mandate.
Yes; the Commission may suspend or revoke a corporation's registration or franchise for fraud in procurement, serious misrepresentation damaging to the public, refusal to comply with lawful orders, continuous inoperation for five years, failure to file by-laws or reports as required.
Decisions, rulings, or orders of Commissioners or boards may be appealed to the SEC en banc within thirty days; from the SEC en banc, a party may appeal to the Supreme Court by petition for review according to Rules of Court.
The Commission shall reorganize its staff with a prescribed staffing pattern; all positions except highly technical, policy-determining, or confidential positions are subject to Civil Service Law and Rules.
Yes; the Commission may recommend to the President the revision, alteration, amendment, or adjustment of charges and fees it is authorized to collect.